Bailout Voted Down

[Archibald Nixon]

 

[NeonMercuryASH]

Let's put this all in perspective and see if anyone catches on...

Back last decade, Congress... mainly led in this issue by that faggot jew Barney Franks... told mortgage companies that there were untold numbers of minorities who couldn't afford a mortgage on a house due to their bad credit (or simple lack of credit). There lending practices were discriminatory behavior and it had to stop or they would suffer penalties. At the very least, these companies wouldn't enjoy some of the same tax breaks that other companies were getting.

So... to comply with yet another insane policy concerning skin color, these banks and whatnot adopted risky lending practices and that's led to the problem we have today.

Who's going to benefit from all this? Who do you think? With names like Goldman-Sachs, if you don't have a clue by now, then you never will.

The whole ball is a quick and giant milking, and you're the cow. Now, "moo" motherfuckers and take it.

It goes deeper than that. There's a motive at work, which I will not say, but you can figure it out.

In the last century, there was a concept called " White Flight," by which whites grew nervous that their neighborhoods were becoming increasingly inner city. So they moved further into the Suburbs and bought a lot of SUVs.
Then someone noticed. Because Fannie would sell to anyone, and discrimination is not allowed, so how do you keep the inner city from following you? Inflate the price of the real estate beyond reach. The homeowners loved that. With inflated property values, they could flip their ranches with patios, tank pools from Sears, and riding lawn mowers, for incredible profit. Keeping your neighborhood all white ain't cheap. Their ARMS trippled and they were in trouble, working three jobs like the minorities they tried to escape.

Suddenly, they couldn't unload their white elephants in the burbs, because the price of gas doubled and with an inefficient SUV, it made the commute cost prohibitive. So they all defaulted, figuring that the banks were loaded, and could absorb the defaults.

So yeah, the bail out is necessary.

 

[Starship Coyote]

Oh, no hands are completely clean in all this, that's for sure. These fuckers who started buying houses because property values were rising are partly to blame.

I used to work with a guy who owned over twenty houses and rented most of them out. The rent on one paid the mortgage on the next and so on... daisy chain effect. The problem was: if someone failed to pay the rent one month, he'd be in trouble. I'll bet he's suicidal now.

 

[NeonMercuryASH]

Depends on whether these were Section 8s.

 

[eloisel]

European banks are failing too, big time. George Bush is a powerful man. He can single handled ruin the economy of the world!

 

[Alyssum]

I have no debt, so I'm completely enjoying this, actually.

LOL at the "bailout", once again Bush screws the public blind, and everyone goes along with it.

Enjoy 15 percent unemployment, the deepest recession we've ever all seen and all your investments are belong to us.

 

[eloisel]

Well, I was relatively secure in that my assets exceeded my debits. However, now I'm afraid to look at my stock portfolio, 401k, and other retirement plans. If I've lost significantly, it will be my immediate reaction to start liquidating. I lost huge because of that once. I've made good solid investments so I need to just leave them alone. If not, then the government can bail me out when it is time for me to retire in a few years.

 

[Sarek]

But, but, but... You're a conservative! Isn't Government involvement in your personal affairs against your very principles?

 

[eloisel]

Hey - I've been paying into social security for a very long time. I'm not entitled, I'm owed.

 

[Sarek]

Yeah, Social Security.

Guess it's a good thing Bush wasn't able to privatize it then, huh?

 

[eloisel]

Yes, and no.

The stock market will rebound and my nestegg will rebound too. Fortunately, I'm not retired now or about to retire within the next year or so.

With my retirement plans in place, I will have far more income in my retirement years from my own investments over the last 11 years than what my benefits from paying into Social Security for 37 years will provide.

 

[Alyssum]

The stock market won't "rebound"; some stocks will collapse...the ones that have been daytraded since deregulation for example, and will be replaced with stocks that actually have real value.If you played the stock market as a hedge against inflation and to create a nest egg, well good luck with that you'll need it, especially with the 3000 point swing in the market last few weeks.

Things have already changed, I'm afraid. You may find that what once were habits now are vices.